On August 23, SteelOrbis reported domestic Indian induction grade (secondary grade) billet prices in the Raipur (central east India) region down at INR 34,000-34,300/mt ($484-488/mt) ex-works Raipur.
According to sources close to the market, induction grade billet prices are presently at INR 35,500-36,000/mt ($508-515/mt) ex-works Raipur. Prices increased $24/mt from the bottom of the previous range and $27/mt from the top of the same range. The increase is attributed to improving construction conditions. Prices also improved in dollar terms because of improved currency trading.
USD = INR 70.23 (Aug 23)
USD = INR 69.89 (Aug 27)